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XRP: You do NOT want to see XRP break below .31 cents especially given the positive news on Coinbase Pro listing. XRP has just begun trading and will need to watch how this market develops. LTC and TRX helped the overall market rally recently so the question will be do XRP bulls plan on taking the baton???
Despite the positive news XRP is down 3% at time of writing and it's a bit surprising. Bulls could be taking a bit of profit off the table to secure their 12% mini pump yesterday on the announcement. Also BTC remains king and there's a bit of uncertainty where things are headed in the near term. So those combined effects is what could be causing XRP to not see the dramatic rally many were expecting. It's still early. The recent listings on Coinbase have not been successful but we are also talking about ERC20 coins that no one really cares about. This is a major token whether you love it or hate it and it's tremendous news.
In the video I said you don't want to see XRP drop below 31 cents. This is a key support at the 20 Day and its key bulls hold that. If this breaks the market isn't far away from the December lows and then breaking below this. XRP doesn't have huge supports until it gets to the .17 to .19 cent range. On bulls side you want to see the token break through some major resistances and holding the 50 Day MA as support. So a break above .35 and trading sideways between .35 to .38 cents would be a very positive price action. Seeing XRP establishing higher lows is a kind of price action we have not seen it make in awhile.
Trade: I don't have a trade setup in place for XRP until there is more clarity on Coinbase Pro listing. I want to see .31 cents really hold. If XRP breaks through .35 with solid momentum I can see a trade setup at this level with a tight 2% stop loss. Allocation size should not be more than 50%. Again, bulls need to start breaking through major resistances to show they have conviction + momentum on their side. Right now I'm seeing a lack in both.